Minsheng Securities released a research report on April 24 stating that it gave Shuiyang Co., Ltd. (300740.SZ) a recommended rating. The main reasons for the rating include: 1) incident: Shuiyang Co., Ltd. released reports for the first quarter of 2023 and 2024; 2) the water cream business remained flat year on year, and the Douyin channel achieved high growth; 3) focusing on developing high-margin brands, with a significant increase in profitability. 24q1 gross margin +7.63 pct year over year, net interest rate after deducting non-return mother +1.64 pct year on year; 4) Driven by the dual business of its own brand and CP brand, the company can be expected to grow in multiple curves. (Mainichi Keizai Shimbun)